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I'm running on 220.127.116.11 multisite mode and am wondering if it's possible to consolidate the style.config and theme.skin files of my child site's skins into one location. My goal would be that any changes made to the style.config or theme.skin would need to be made in one file only and then cascade to the child sites. All of my child sites utilize skins by the same names, with minor textual differences in the layout.master files. Is this possible?
No it isn't possible, those files must exist in the skin folder.
You can use css from a common location by including it in the list in style.config
but style.config, theme.skin, layout.master must live in the skin folder.